Photo: Shutterstock/PJ McDonnell
The popular “buy now, pay later” (BNPL) company Klarna, founded in 2005, announced on Tuesday that it will launch a stablecoin pegged to the U.S. dollar. The token is currently in a testing phase and is set to go live in 2026, fully backed by the U.S. dollar.
Klarna to Launch Its Own Cryptocurrency #
Klarna will launch a token named KlarnaUSD. This coin will be used for daily payments and cross-border transactions, presented by Klarna as a faster and cheaper alternative to traditional banking methods. Klarna has the majority of its customers in the United States.
The stablecoin will run on Tempo, a blockchain focused on payments developed by Stripe and crypto investment firm Paradigm.
Klarna is taking this step amid new regulations for digital assets, such as the GENIUS Act in the U.S. and MiCA in Europe. It is expected that Klarna will benefit from this new regulatory framework.
Klarna’s CEO, Sebastian Siemiatkowski, commented:
“Crypto has finally reached a stage where it is fast, cheap, secure, and scalable. This is the beginning of Klarna in crypto,” said the CEO, who was previously quite skeptical about crypto.
Klarna’s US Stock Market Debut #
Backed by Sequoia Capital, Klarna stated on Tuesday that it is targeting a U.S. listing with a valuation of $14 billion, bringing its debut ever closer.
The lender and some of its investors plan to sell 34.3 million shares in the Initial Public Offering (IPO) at a price between $35 and $37, aiming to raise approximately $1.3 billion.
Fintech companies like Klarna are rapidly gaining market share from traditional banks by offering more flexible payment options, particularly attracting younger customers. Growth is expected to increase as global e-commerce expands. So far, the payments sector has also managed to avoid fee hikes.
Klarna #
The company drew attention when its valuation surged from $5.5 billion to $46.5 billion between 2020 and 2021.
If Klarna goes public in the U.S., it will be a significant moment for fast-growing fintech companies. A lukewarm reception would be a strong signal that market valuations are too high and that regulation is making the sector less attractive.
Klarna has approximately 111 million active consumers and around 790,000 merchants in 26 countries. Klarna has applied for a listing on the New York Stock Exchange (NYSE) under the ticker symbol KLAR.